Simply so, can I buy my parents house for less than market value?
Answer: There is no legal reason why you cannot buy your parents‘ house at less than the market value. As you have rightly identified, you have to pay them sufficient to redeem the mortgage.
Furthermore, can I sell my house to my son for less than market value UK? A There is no legal reason why you can‘t sell your home to your son if that’s what you want to do. But to avoid inheritance tax complications you will need to pay him the full market rent for your home, and your son will have to pay the full market value for the property.
Similarly, you may ask, can I sell my house to my son below market value?
When you sell the property to your son for a price that is below the market value, the IRS considers that discount to be a gift. You and your spouse are each allowed to give a certain amount every year tax-free. For 2018, the limit is $15,000 per person, so, if you’re married, the first $30,000 of discount is tax free.
Can you sell a property for less than it’s worth?
Selling a property at less than its market value It’s important to appreciate that should you sell a property at less than its market value, you are essentially ‘gifting’ the buyer a substantial sum.